The world's largest wealth manager and a UK industry body have weighed in on the potential implications of the Supreme Court's ruling over Article 50.

UBS Wealth Management has dismissed any potential threat imposed by the Supreme Court's ruling that parliament must vote on whether the UK government can begin the Brexit process, claiming it will create a “marginal delay, at most”.

The judgement means that Theresa May cannot begin talks with the European Union until MPs and peers give their backing. The court ruled the Scottish Parliament and Welsh and Northern Ireland assemblies did not need a say, however. Brexit secretary David Davis promised a parliamentary bill “within days”, signalling that negotiations will still be under way in time for the government's 31 March deadline. 

Despite the possible setback, Geoffrey Yu, head of UBS Wealth Management's UK investment office, did not appear fazed by the prospect of prolonged uncertainty. 

“Though there will be some cheer among those with lingering hopes for a delayed Brexit, today’s decision represents a marginal delay, at most. The immediate relief will be short-lived,” he said. “With the bulk of the market and British households now resigned to the reality of leaving the EU, many business will be making their Brexit contingency plans regardless of the delay.”

Yu said he still expects Article 50 to be triggered in March and that sterling investors “will be sending their thanks” to the Supreme Court as further complication in the Brexit timeline “should see the pound gain further against the US dollar”.

Sterling gained on the news of the requirement for a parliamentary bill but then retreated again, falling below $1.25 against the dollar, once the view came in that the devolved regional assemblies’ formal consent was not required. 

Meanwhile, the Wealth Management Association, an industry body for the private investment community and its clients, has said it will continue to provide “whatever support [its] member firms require” as further details emerge on the UK's divorce from the EU. 

“We will continue to work hard to avoid any potential unintended consequences for our final clients,” said the WMA's chief executive, Liz Field. “We will continue to work with the government so that the UK remains the global centre of excellence in wealth management. Ensuring a predictable, orderly transition will be crucial for the sector.”